ICBL introduces new “game-changing” insurance product

In an effort to remain relevant and anticipate future needs, officials of the Insurance Corporation of Barbados Limited (ICBL) have introduced a new product they anticipate will be a game-changer.

As part of its 45th anniversary celebrations this year, ICBL has introduced a new life insurance plan with a savings component – the Sapphire Endowment Plan.

During a swanky anniversary event at the Sandals Royal Barbados on Wednesday evening, Chief Executive Officer of ICBL Goulbourne Alleyne said while the company continued to hold its own in a competitive environment, it had to be more proactive.

“Even as you celebrate your achievements to date, you also see the need to take stock and reassess. It is, therefore, both an inspiring and reflective time for ICBL,” he told the gathering.

“The challenge for us now begins with planning for the years ahead – the future, our future. We must focus on what the next decade will look like, how we pivot and adjust in an ever-changing dynamic, how we remain relevant, sustainable and profitable in the years to come.”

Stating that the insurance company remained focused and results driven as it reached this milestone, Alleyne added: “We recognise that we are operating in a very competitive environment and we are determined to achieve continued growth through innovative and game-changing solutions with the ultimate objective of enhancing the customer experience and journey.”

He added that customers remained the top priority and the company was prepared to continue to “add shareholder value by optimising performance, operational efficiencies and effectiveness throughout the organisation”.

The insurance executive said ICBL was aware that clients and potential customers had specific goals and a “cookie-cutter approach” would not work.

“I want you to know that we have the ability and agility to provide customised options to meet your insurance needs that can be mutually rewarding,” he said.

“The future is bright for ICBL. We are energised and filled with optimism . . .  . We are a financially stable company with the capacity to settle our claims promptly,” added Alleyne as he gave the commitment that the company would continue to take its social responsibility seriously.

The Sapphire Endowment Plan is a flexible plan offering maturities of 18 years, 25 years and at age 65. Premiums are fixed for the lifetime of the policy and a six per cent discount is offered if premiums for one year are paid in full in a one-time payment.

It has several special features including a cash loan component, allowing for up to 90 per cent of the available cash value of the policy. The endowment plan also offers up to five per cent guaranteed interest on the lump sum accumulated for qualifying customers when funds are held to maturity on the base plan.

ICBL said there is an easy sign-up process on its revamped website which officials say is more interactive and can provide real-time information including quotes. (MM)